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Global private credit involves direct lending to mid-sized companies — typically in the United States and Europe — across sectors such as healthcare, technology, logistics and infrastructure. These loans are usually senior-secured and held to maturity, providing lenders with first-rank rights over assets and cash flow. Richardson says global private credit strategies aim to generate consistent income while managing downside risk through diversification and governance. “Unlike many Australian private credit portfolios, which are heavily weighted to property, global private credit spans multiple industries,” he says. “Managers typically apply rigorous underwriting and protective covenants designed to balance income generation with capital protection.” Recent innovations and technology are democratising access ASX-listed Pengana Capital Group, in association with Mercer, has developed an income-focused fixed-term investment platform called TermPlus, designed to give Australian investors access to global private credit through a professionally managed, multi-manager portfolio.
